Key Insights:
- BNB approaches a major resistance level after forming a falling wedge pattern on recent charts.
- Binance maintains strong dominance in global trading activity with high spot and futures volumes reported.
- Stablecoin reserves on Binance rise sharply, reaching $51.1 billion across USDT and USDC holdings.
BNB is showing early signs of a possible breakout after forming a falling wedge pattern on the chart. The price is now testing the upper resistance of the pattern.
Traders are closely watching this move to see if BNB can continue its upward path or face a pullback toward support. At the time of writing, BNB is trading at $894.55, showing a 4.54% rise over the last 24 hours.
Falling Wedge Pattern Near Breakout Level
According to Jeet Shah, BNB has created a falling wedge pattern, which often appears before a breakout in price. The price is now approaching the resistance line of this pattern. If BNB manages to break this resistance, traders expect a rally toward the $989 level.
He added that if BNB fails to break out and gets rejected, the price could drop again. The nearest support in that case sits around $744. This support has been tested before and remains a key level for buyers.
Falling Wedge Pattern | Source: XThe wedge has been forming over several sessions, and price activity around this level is now drawing more attention. A breakout with volume could confirm the move, as many are waiting for stronger confirmation signals on the chart.
However, Binance remains the top exchange for trading activity, even as the broader crypto market experiences a slowdown.
Binance Leads in Volume as Stablecoin Reserves Surge
Binance continues to lead the market in trading activity despite corrections seen across the crypto sector. As explained by ZYN, Spot volumes have dropped across most platforms, but Binance still recorded $25 billion in spot trading. Its futures volume also reached $62 billion in the same period.
This is over five times higher than Crypto.com’s volume and nearly double that of OKX. Binance’s strength in both spot and derivatives markets shows it remains a top venue for traders.
“Even during market slowdowns, Binance continues to lead all exchanges in total volume,” some users pointed out online.
Binance now holds the largest stablecoin reserves among all exchanges. Based to ZYN data, reserves have reached $51.1 billion, including major stablecoins such as USDT and USDC.
In October, the platform saw $60 billion in stablecoin inflows. November has already added $29 billion from USDT and USDC combined. These numbers show that traders continue to keep funds on Binance in stable value.
BNB Sees Heavy Liquidity During Key Price Action
Liquidity remains an important factor for traders entering or exiting large positions. BNB’s trading volume in the last 24 hours reached over $2.1 billion, which shows high activity.
This level of liquidity makes BNB one of the easier tokens to trade during times of high volatility. It also increases the chance of strong price moves when key chart patterns are tested.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bnb-eyes-breakout-price-rally-toward-989/
